The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-07-23
WALL STREETS MISTAKE.
TIE DREAM 1T PURSUED FOR
MONTHS FADES AWAY.

Many Railroad Properties May Be
Overclouded with Uncertainty for
Months by the Litigation Which is
to Ensue-Wheat Lower than 1t Has
Boon in Years.
New York, July pr. G. Dun & Co.'S,
review of trade for the week ending Satur-
day says: With business progressing well
throughout the country, crop prospects ex-
cellent, iron production larger than at any
previous period and money in abundant
supply, Wall street is disturbed because the
dream it has been chasing for months sud
denly fades away and Mr. Garrett an
nounces the failure of Mr.. Ives to buy the
Baltimore and Ohio. The incident illustrates
the weakness of Wall street as a barometer.
For four months the street has been dis
counting the beneficent results of this ex-
pected settlement" and all sorts of purch-
aSes, loans, commitments and calculations
have been based thereon. But for these,
the retention of the Baltimore and Ohio by
its old owners would disturb nobody. But
now litigation involving the value of many
properties, directly and indirectly, has been
commenced, and may overcloud them with
no one wants to buy a share in lawsuit.
CHEAP WHEAT.
Wheat at S124c for No. 2 red winter in
July is lower than it has been before in
that month for more than forty years and
close up to the lowest price for that period
in any month. This is the direct result of
speculation, which drew many million
bushels from farmers hands where the cost
of carrying was nothing, into the hands of
dealers, who are anxious to unload before
new wheat comes. Twenty million bushels
i'll few elevators are heavier than $4,000,
600 bushels would be in farmers bins.
Small purchases from farmers for some
time to come are probable and the conse-
use in crop moving may possibly be helpful.
Prices generally are low, III spite OF many
speculationS.
COTTON GOING DOWN.
Cotton is tending downward, with iqui-
dation following several important failures,
but goods are comparatively scarce and
prices well maintained.
Woolens are, as usual, unsatisfactory. for
eign competition at low prices combining
with a slack demand for goods to discourage
producers. But some kinds of iron and steel
look stronger, though the market for steel
rails seems less firm. The sale of %, 900 tons
Vi DtSSeilleT lIOu dJ ABOVE GSU Is reported,
and at the same time a large sale of
rails for Pacific delivery at prices
below current quotations. The official
bulletin of the Iron and Steel Association
makes the production for the half year 33,
051 500 tons, and reports, contrary to expec-
tation, a slight increase in the stocks of un-
sold iron, making the consumption 1900
tons less than the production and imports.
Reports from all parts of the country are
uniformly favorable as to the state of trade
for the season, and collections are reported
good or fair at all points save two. The
crop prospects are also pronounced more
favorable, though the extent of the damage
done by drought and insect cannot be ex-
actly determined.
The exports improve, for three weeks
having exceeded last years by 6 per cent
against an increase of 15.6 per cent for i'm
ports Foreign exchange tends upward,
however, and some sales of securities on
foreign account are reported. The course
of stocks has indicated hesitation and weak
ness, and the narrow bank reserves for the
season affect with timidity most specu-
lative markets
The business failures occurring through
out the country during last week number
for the United States l47, and Canada 25 a
total of 172, against 170 last week and 154
the week previous.